Learning to manage their finances is a challenge for all young people, but even more so for those who are in or have emerged from foster care. The Opportunity Passport™ program provides financial opportunities, support and connections for foster care youth ages 14 to 26.
The first step in the program is financial literacy training, which everyone must complete to be eligible for enrollment in Opportunity Passport™. Enrollees then have access to the following:
- A personal savings account to enable and encourage saving expenses and provide access to mainstream banking products.
- A $100 seed contribution and a savings match of up to $3,500 (maximum) to purchase approved assets.
Financial capability and responsibility result from education and experience. With the Opportunity Passport™ program, young people receive both.
Since 2009, Foster Success has grown assets in excess of $320,000 in foster youth savings through Opportunity Passport™.
FAQs about Opportunity Passport™
Trainings vary and are a result of program space and funding. Foster Success will inform DCS and the others when a training is being planned and will send out an online referral form for completion. Space is limited in the trainings.
Opportunity Passport™ is open to current and former foster youth age 14-25 who demonstrate maturity and interest in furthering their savings and financial well-being.
Participants must be able to attend all of the training sessions to apply to be in Opportunity Passport™. There are no make-up sessions, so please ensure youth have transportation and no school or work conflicts.
Foster Success will contact you and the youth to inform them of their acceptance into the training. Foster Success relies on DCS and others to assist us in communicating with youth about the program.
DCS and other staff may assist with transportation to the training as well. Once the training is over and the youth are enrolled into Opportunity Passport™T, DCS and others should assist Foster Success in providing updated placement, address, phone number and email address information for youth regularly.